Subjective ambiguity, expected utility and Choquet expected utility

被引：0
|
作者：
Jiankang Zhang
机构：
[1] Department of Economics,
[2] Carleton University,undefined
[3] 1125 Colonel By Drive,undefined
[4] Ottawa,undefined
[5] Ontario K1S 5B6,undefined
[6] CANADA (e-mail: Jiankang_Zhang@Carleton.ca) ,undefined
来源：
Economic Theory | 2002年 / 20卷
关键词：
Keywords and Phrases: Ambiguity, Expected utility, Choquet expected utility, Capacity, Inner measure, $\lambda $-system.; JEL Classification Numbers: C69, D81.;
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摘要：
Using the Savage set up, this paper provides a simple axiomatization of the Choquet Expected Utility model where the capacity is an inner measure. Two attractive features of the model are its specificity and the transparency of its axioms. The key axiom states that the decision-maker uses unambiguous acts to approximate ambiguous ones. In addition, the notion of ‘ambiguity’ is subjective and derived from preferences.
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页码：159 / 181
页数：22
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